The Ghana cedi is expected to remain under pressure in June 2026 as strong demand for foreign exchange and high energy prices continue to weigh on the local currency.
This is according to IC Insights, an economic research firm, which says current market conditions are likely to keep demand for dollars elevated in the short term.
The cedi weakened by 4.6 percent against the US dollar in May 2026.
IC Insights attributed the decline to strong foreign exchange demand from businesses and portfolio investors.
The firm said demand for dollars far exceeded the amount supplied by the Bank of Ghana through its weekly foreign exchange auctions.
According to IC Insights, total demand at the Bank of Ghana’s weekly foreign exchange auctions reached US$3.83 billion.
This figure was almost four times higher than the amount of foreign currency made available by the central bank.
The research firm said the large gap between demand and supply increased pressure on the cedi throughout May.
“Total foreign exchange demand at the weekly BoG FX auction was US$3.83 billion, nearly 3.8 times the BoG supply, with the unmet demand exerting pressure on the local currency,” the report noted.
IC Insights expects demand for foreign exchange to remain high in the coming weeks.
The firm said elevated energy prices continue to increase the need for dollars, especially among importers and businesses.
“We foresee continued pressure on the cedi as elevated energy prices sustain FX demand. The rapid pace of depreciation, however, leaves room for late-year correction,” IC Insights said.
The pressure on the cedi has also affected the retail foreign exchange market.
At forex bureaus, one US dollar is currently selling for about GH¢12.30.
In the interbank market, the dollar is trading at around GH¢11.74.
Market analysts will be watching closely to see whether increased foreign exchange inflows and policy measures help stabilise the local currency in the second half of the year.
